No matter where you are in the world, education and due diligence are important parts of a successful crowdfunding site. Ketto.org founders Varun Sheth and Kunal Kapoor discuss the challenges of establishing a crowdfunding site in India along with its potential with Shardul Vaidya.
American Express-sponsored documentary profiles America’s unbanked
Some 70 million Americans are unbanked. American Express officials sought to complete routine financial transactions without using a bank account and were surprised at what they discovered. It led them to sponsor the film Spent: Looking for Change.Hadley Malcolm describes the process.
Data-driven approach behind Silicon Valley’s outreach to the unbanked
Many Americans are unbanked because they fall on the wrong side of some arbitrary line established by someone whom they have never met. This makes credit provision ripe for disruption and companies are using data-based systems to find pockets of credit-worthy people who are solid bets. Karma Allen investigates.
British P2P currency transfer firm lands heavy hitters in latest investment raise
London-based company TransferWise allows people around the world to trade currencies and eliminate bank transfer fees. They recently confirmed $25 million from PayPal co-founder Peter Thiel and Richard Branson, and are in talks with Facebook to establish a related service on the social media site. Mark Scott explains.
Issa counters FDIC claims of non-involvement with Operation Choke Point
In April an FDIC official testified they had no substantial involvement with Operation Choke Point, a program that, in part, pressure banks to sever ties with legal businesses deemed objectionable by the Obama Administration. Darrell Issa begs to differ. Read more here.
Payday lenders sue Uncle Sam over Operation Choke Point
Banks who process financial transactions of payday lenders are getting heat from the Obama Administration. The payday lenders are fighting back and filed a suit late last week. Patrick Lunsford explains.
U.K. grocery chain unveils current account
U.K. grocery chain Tesco has already grabbed a significant percentage of credit card business away from the banks, and dabbles in mortgages. They are now seeking to replicate their success with accounts. It may work, as British society is increasingly discontent with traditional banks, this Reuters report states.